Quarter of Brits holiday without travel insurance
16 February 2009 08:00
Nearly a quarter (24 per cent) of Brits are planning to risk foregoing travel insurance this year in a bid to make their holiday budgets stretch further.
That is according to alarming new research by American Express indicating that holiday insurance is just one of many financial products that people are eschewing in order to save money.
The travel insurance provider found that 44 per cent intend to stop making regular deposits into their family saving plans in 2009, while 27 per cent will be sacrificing their family insurance and 17 per cent leaving their pets unprotected.
Chris Rolland, head of insurance services at American Express, warned that as many as half of all Brits are intending to cut back on policies "designed to protect them during hard times" to save money.
"This may well be a false economy as people could end up paying out much more than they bargained for if something should happen," he warned.
The research also indicated that the most common causes for holiday insurance claims are for medical, cancellations and lost or damaged baggage.
Despite these findings, European travel portal trivago suggested this month that a growing number of holidaymakers are saving money by booking flights and accommodation in advance, rather than giving up their cover.